European Stocks Snap Two-Day Advance as Income Shares Decline

European stocks fell, following their first monthly gain in three, dragged lower by equities that offer the highest dividend payouts.

Consumer staple companies including Nestle SA and Unilever were among the biggest contributors to declines in the Stoxx Europe 600 Index as higher bond yields made equity income less attractive. A gauge tracking energy shares capped its biggest back-to-back gains since June following yesterday’s OPEC deal, while miners and banks also advanced.